"‘New Fed News Agency’ in-depth coverage: The twenty-year evolution of the new Federal Reserve Chairman Walsh’s stance"

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Nick Timiraos, a well-known financial journalist known as the "New Fed Whisperer," published an in-depth report systematically reviewing about 150 public statements made by the new Federal Reserve Chairman, Kevin Warsh, from 2006 to 2026—covering speeches, testimonies, op-eds, as well as interviews with Bloomberg TV, CNBC, Fox Business, and other media—attempting to reconstruct this soon-to-be Fed Chairman's two-decade evolution on the core question of "whether the Fed should be trusted and its independence defended."

Internal Doubter (2006-2011)

Timiraos turns the clock back to 2010. At the time, Warsh was still the youngest governor in the Fed’s history and delivered a speech titled "Ode to Independence" in front of a group of economists in New York.

The article points out that when Warsh joined the Fed in 2006, he didn't bring a PhD in economics, but rather deep connections from Wall Street and Capitol Hill. During the 2008-2009 financial crisis, as he saw the Fed continuously expand its balance sheet and intervene massively in the economy, Warsh’s concerns grew day by day.

Timiraos cites his statement in the March 2009 FOMC minutes: "If the Federal Reserve is seen as lowering risk-free rates in name while actually monetizing debt and acting as the buyer of last resort, we may eventually see higher interest rates and reduced credibility."

In March 2010, in that "Ode to Independence" speech, Warsh said: "Ensuring the Fed’s independence—as the cornerstone of its credibility—is our mission. It is the foundation of the Federal Reserve’s standing and the basic premise for policy operations."

In June of the same year, in another speech titled "This Is Greek to Me," he further elaborated: "The Fed’s institutional credibility is its most valuable asset. If we take actions that do not bring clear and significant benefits, this credibility will be materially damaged."

External Critic (2011–2024)

Timiraos then chronicles the transition after Warsh resigned in March 2011. The report notes that after leaving institutional constraints, he continued making similar points, but in much sharper terms.

In 2017, Trump considered nominating him as Fed chair but ultimately chose Powell. Trump quickly became disappointed—he wanted rate cuts, but the Fed kept raising rates. According to Timiraos, Warsh echoed some of Trump’s criticisms in a more moderate way. At the end of 2018, he advocated that the Fed should stop its "dual-track" policy of simultaneous rate hikes and balance sheet reductions; a few weeks later, the Fed did indeed change course, confirming his judgment.

In 2021, then President Biden nominated Powell for another term as Fed Chairman.

Timiraos compiled Warsh’s many public statements during this period:

In August 2016, he wrote in a Wall Street Journal column: "The Fed is in a worrying position. Being a centenarian institution should not be mistaken for having earned permanent recognition within the American political system."

In March 2024, Warsh told Larry Kudlow on Fox Business: "Central bankers around the world appear to be increasingly comfortable with inflation near 3%. That deeply worries me. This is an extremely dangerous signal. Sure, the economy may continue to prosper in such a scenario, but the cost will be very high."

In November 2024, in another interview with Kudlow, he said: "The good news is we have an independent central bank. The bad news is we need to make sure it always focuses on its own responsibilities—and the results of the past few years show it hasn’t done so."

Return to the Race, Subtle Shift in Stance (2025)

Timiraos’ core observations come to the fore in this section. In early 2025, as Trump returns to the White House and again pushes for rate cuts, Fed officials hint that tariff policies may limit their room to cut rates. At this time, Warsh’s statements subtly yet significantly shift:

In January 2025, Warsh criticized the Fed on Kudlow’s show: "This is bad economics and bad logic. It looks like they’re simply trying to shift the blame for inflation onto someone else—but controlling inflation is exactly the Fed’s job."

In May 2025, at a panel at the Reagan National Economic Forum, Warsh said something sharply at odds with his earlier stance: "I read in the newspapers how harsh politicians can be toward the central bank. Well, grow up and handle the pressure."

By October 2025, in an interview with Maria Bartiromo on Fox Business, Warsh’s stance became clearer: "In my view, the progress on inflation is thanks not to the Fed, but to the President’s policies. His policies have strengthened the economy and brought prices down. Unfortunately, the Fed is moving in the opposite direction. Frankly, I fully understand his frustration."

Confirmation Hearing: Assertion of Independence and Key Evasions (April 2026)

Timiraos’ article finally focuses on the April 2026 Senate confirmation hearing. The report notes Warsh repeatedly asserted that Trump never pressured him to promise rate cuts, and that he would not accept such demands.

Regarding independence itself, Warsh offered layered and nuanced responses. He told the Senate Banking Committee: "I don’t think that monetary policy independence is threatened simply because elected officials publicly state their views on interest rates. The Fed’s independence depends on the Fed itself."

He further explained: "Independence has to be earned through results; it is accumulated by keeping promises. Since the Fed has failed to keep those promises, we should not be surprised by political intrusion."

In a written response to Democratic Senators, Warsh also added a limiting definition: "The Fed’s independence is best reflected at the level of operational implementation of monetary policy. In fields like international finance, Fed officials should not enjoy the same degree of special exemption."

However, when faced with the toughest questions—regarding Trump’s attempt to fire Fed Governor Lisa Cook, and the criminal investigation into Powell and Fed infrastructure projects—Warsh declined to answer directly, citing "pending litigation."

After the hearing, he left a brief but strong statement: "Fed independence means everything to me."

This Wednesday, the U.S. Senate confirmed Warsh’s appointment as Fed Chair by a party-line vote of 54 to 45.

Twenty Years of Public Statements: A Meaningful Trajectory

The "New Fed Whisperer’s" report draws no definite conclusion, but its twenty-year review of Warsh’s statements speaks volumes. From the passionate rhetoric of his 2010 "Ode to Independence," to the “grow up and handle the pressure” shift of tone in 2025, and finally to the calculated evasions at the 2026 confirmation hearing on key questions—Warsh’s evolving trajectory regarding whether to trust and defend Fed independence is now abundantly clear.

Risk Warning and DisclaimerThe market carries risks, and investment must be made with caution. This article does not constitute personal investment advice, nor does it take into account the investor’s individual investment goals, financial situation, or needs. Investors should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular situation. All investments based on this, are at one’s own risk. ```